Global Eagle is taking cost-cutting measures including the acceleration of previously planned, permanent headcount reductions, CEO Joshua Marks says in a letter to stockholders.
- Temporarily reducing salaries by 20% and up to 33% for executives
- As of May 11 the company had $56.6 million in cash, up from $54.3 million on March 31
- Received a going concern qualification in the opinion from our auditor on 2019 financial statements, primarily due to ongoing COVID-19-related customer uncertainties
- Possibility of going concern language was flagged in April
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